"Although I was shocked and stunned by the news, I feel fortunate that it was detected early and according to my extraordinary team of doctors the prognosis is positive for a full recovery."

"I am deeply grateful for the support of my friends and family during this time, and I urge everyone to get regular check-ups, as early detection is the best defense against this horrible disease that has afflicted so many," he advised.

This is not the first time O'Neal has battled cancer. In the late 1990s he was treated for myelogenous leukemia, a form of the disease in which bone marrow produces too many white blood cells.

The diagnosis is sure to be particularly poignant for O'Neal after losing his longtime on and off partner Farrah Fawcett to anal cancer at the age of 62 in 2009. The event is said to be what caused he and Tatum to attempt to heal the rift that had kept them apart for so long -- an attempt that he has since said has been unsuccessful.